A career in the insurance industry is both challenging and exciting. For many new recruits, the experience and pressure to produce can often pose a great deal of intimidation. This is where a good induction program can make a difference.
First impressions matter and, according to a report from preeminent research and analyst firm Brandon Hall Group, strong onboarding processes help improve new hire retention by 82% and productivity by over 70%.
Make these key first steps a common practice.
There are several ways in which organizations can make team members feel welcomed from the get-go. In the first instance, a roadmap complete with key learning goals can act as a good starting guide. Just like how every tourist needs a map in a foreign country, roadmaps provide clarity and show new recruits where to start. This helps hone their focus to achieve the goals they were tasked with from the very beginning.
The next area is to establish the work culture and policies in the office and among team members. A supportive work environment reassures new team members that their organization will provide the tools and means to help them achieve targets. Here, keeping channels of communication open for feedback is a vital element of employee engagement. New agents and staff can then act on the constructive feedback and edge closer toward their goals.
According to MDRT member Mei-Yuan Yang from Taipei, Taiwan, goal setting from the start helps new joiners pave a way for success. “It’s very important to have this crucial goal defined because, even though you have trained them on all they need to know in the business, without goals, it’s very easy for them to lose their direction. I learned about the importance of goal setting from MDRT,” she explained.
Finally, new joiners need a vision to aspire to that will keep them going for the long run. Even in the early stages of onboarding your staff members, it is essential to paint a bigger picture that will motivate them beyond just achieving financial success through their work. “I tell them insurance is about love and caring. It’s not a job; it’s a career. When you apply love and caring, clients sense that. Then you’re able to maintain the relationship and ensure your business will do very well. If you focus only on making money, for the short term you may do well. In the long run, however, you may not be able to sustain that,” adds Yang.
A place for team leaders to continue growing their skills.
As a team leader, you will find yourself conducting regular onboarding exercises as you welcome new recruits. However, it is imperative to add value to the process and get off on the right foot with new members in your team. Learn how you can become a more efficient and intentional leader with tips and tools from MDRT Global Services. Membership in MDRT Global Services comes with access to valuable content and engagement relevant to your recruitment and team management needs, including topics such as recruiting, selecting, training, supervising and mentoring financial services advisors.
Join MDRT Global Services today for more insights on how to handle new entrants into the industry by signing up here: https://www.mdrtgs.org/Join.